OpenAI has announced that users will now be able to shop through ChatGPT’s chatbot using its new Instant Checkout feature.
The new feature will be available in the U.S. for ChatGPT Plus, Pro and Free users.
Currently, users in the U.S. will be able to buy items directly from Etsy, and OpenAI said they hope to expand this to Shopify in the future.
Following this announcement, Etsy shares soared nearly 16% and Shopify’s stock closed up more than 6% on Monday.
OpenAI will charge a fee for transactions completed through ChatGPT, potentially creating a significant revenue stream for the currently unprofitable AI giant.
The company has not revealed how large the fees are as they were determined through confidential contracts with Etsy and Shopify, but OpenAI have said Instant Checkout is free for users and will not affect their prices.
“Our vision for ChatGPT — and a lot of the technology we create, but especially ChatGPT — is that it’s not just providing you information, it is also helping you get things done in the real world,” Michelle Fradin, OpenAI’s product lead for ChatGPT commerce, told CNBC in an interview.
The feature currently only supports single-item purchases, with plans to expand to multi-item carts in the future.
With Instant Checkout, users can prompt ChatGPT with requests like “best running shoes under $100”, and the bot will surface organic results.
In August, the chatbot surpassed 700 million users, and Fradin said many of the questions asked are related to shopping and commerce in some capacity.
The AI giant was also on the cusp of becoming the world’s most valuable private company in August when seeking to sell US$6 billion in shares to boost it to a US$500 billion valuation.
